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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
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